While Paladin has been the superior cheesily mitigation-ready choice for select encounters (e.g. Thordan and Sophia Ex), it has been historically lackluster in MT dps and has usually fallen below one or both alternatives in OT dps, has had the poorest anti-magic mitigation, and in some ways the least usefully purposed combo bonuses. It no longer TP floors, but still has the least sustain of the three tanks. Its tank stance has been buffed, but as it should rarely be used anyways this hasn't been much of a help. Sword Oath wasn't buffed so much as simply its mechanical oversight was removed (higher contribution at low weapon speeds).

In many ways it's only reason for being at a certain position, MT or OT, was simply that:
1. There was no DRK to take the PLD's spot;
2. The Warrior would lose more output in that position vs. the other;
3. LB was too necessary to take 2 Warriors.

That said, at this point, the PLD isn't far behind by any means, and is actually the superior tank in certain contexts (when able to abuse Shelltron and HG, and when magic damage is minimal, essentially).